blonde poker forum

Bet he wishes he’d stuck to being Anon.


https://www.bbc.co.uk/news/uk-england-lancashire-45168539

Still, at least he got the glory

A HMRC spokesman said: "Lulat thought he'd aced the tournament but we had the better hand in the end."

Did they really say that?

Exactly my first thought.

Absolutely no chance.

Surely the BBC wouldn’t have made it up?

You're right. My mistake :)

Welcome back by the way.

Quite pleased to see them do this, although I suspect he was either dropped in it or one of the inspectors has an interest in Poker and saw it. He was convicted for quite a significant fraud and the fact they have gone back now to recover money hopefully will deter some people.

Guess the guy will end up on the streets. Tough to get a job as a convicted fraudster. He can’t even make a living playing cards. No chance to reform.

Glad that the insurance companies will get back some of the cash.

insurance companies?  Apart from being incorrect (it was me and you who were defrauded, as it was VAT carousel fraud and nothing to do with insurance cos), I assume that this is some effort to justify his fraud - "it was only insurance companies".

😂 I didn’t read it fully, normally insurance companies pay out in the invent of fraud.

Why would I justify his or any fraud?

I just don’t understand how they expect him to pay the bills.

My views on VAT and insurance companies I’ll keep to myself.

reason Mine and Your insurance bills are so high are due to fraud  so yeah does bother me when insurance companies have to pay out increases my bills

 I personally think Insurance companies are the biggest Fraudsters of all time.

The reason are insurance is so high as they need to provide greater ROI for there shareholders.

If it was impossible to commit fraud, our insurance will still go up each year.

I personally think supermarkets are the biggest Fraudsters of all time.

The reason food prices are so high is they need to provide greater ROI for their shareholders.

I personally think car makers are the biggest Fraudsters of all time.

The reason car prices are so high is they need to provide greater ROI for their shareholders.

I personally think house builders are the biggest Fraudsters of all time.

The reason house prices are so high is they need to provide greater ROI for their shareholders.

I personally think book publishers are the biggest Fraudsters of all time.

The reason book prices are so high is they need to provide greater ROI for their shareholders.

I personally think travel agents are the biggest Fraudsters of all time.

The reason holiday prices are so high is they need to provide greater ROI for their shareholders.

What's insurance got to do with any of this anyway?

Since when did HMRC have insurance against fraud?

He could try getting a job and staying away from casinos like most people do.

Insurance is arguably one of the more efficient markets - a lot of companies struggle and survive off the float only. Not many make a good profit off premiums.

Mr Buffett built his empire by using "float" from his insurance businesses. (GEICO etc). 

GEICO make money off the premiums too though :) Their actuaries are good at setting the odds right. In fact he says that's one of the most important things about owning an insurance company - don't rely on the float. Some insurers even run the premiums at a loss just to get the float.

And the float is?????

Insurance companies have to have a large pool of investments so that they can pay out if they have a lot of claims.  Basically like a bankroll for a poker player.

In an Insurance Company, float is the premiums they collect but which have not been paid out.

Insurance is an odd business. For example, many things are insured for life, Premiums are collected annually in advance - always in advance - and "float" is that money, sitting there in the Insurance Companies accounts (or more likely, invested & earning money elsewhere).

Think of car insurance. We pay it one year in advance, every year. Those premiums, until a claim arise, become "float".

tx chaps

Some of these responses blows my mind.

Why?

Interesting.

Which ones and why?

Just shows how much I don’t know in general. 🤪

LOl.

That's far too vague for a blows your mind post and we're far too nosey to settle for it. :)

Nosey and inquisitive poker players? Who would have thought. Well I’m not showing this hand 😏

Insurance is quite annoying the way it works from a consumers perspective, car insurance for example it's a legal requirement and quite expensive - but then considering it logically its absolutely essential for it to be legally mandatory and at the end of the day buying and selling risk (effectively insurance) is one of the oldest markets around.